my timesThe Korea Times
lkm

Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

Go to EmailGo to URL

Read more

Economy

Chinese account for over half of foreign-owned homes in Korea

A realtor surnamed Kim based in northwestern Seoul's Seodaemun District said she heard her coworker recently inking a home purchase deal with a Chinese national who was looking to buy multiple homes in the city and has friends interested in doing the same. “Many Chinese people are looking to buy apartments for investment purposes,” Kim said. Apparently, Seoul is a popular destination not only for tourism but also asset growth. Land ministry data showed the number of homes owned by Chinese nationals surpassed 56,000 at the end of last year, among 100,216 foreign-owned homes in Korea, up 5,158 or 5.4 percent compared to six months earlier. Non-citizens constitute 0.52 percent of the country’s total homeowners. The number of foreign nationals who own homes came to 98,581, meaning some own multiple properties. Chinese nationals own 56,301 homes, accounting for 56.2 percent, followed by Americans with 22,031 homes, accounting for 22 percent. Canadians own 6,315 homes, accounting for 6.3 percent. Nearly three quarters, or 72.7 percent of foreign-owned homes, are located in the Seoul metro

May 30, 2025By Lee Kyung-min
Chinese account for over half of foreign-owned homes in Korea
Economy

Presidential election could lead to deepened division, stalled economic recovery: Fitch affiliate

The June 3 snap presidential election will provide closure to months of political uncertainty and leadership vacuum. However, this election could lead to dissatisfaction among supporters of either camp and in turn lead to organized protests, according to an analyst at a Fitch affiliate. “A prolonged period of domestic political instability will further keep a lid on the recovery of business and consumer sentiment in Korea, compounded by U.S. President Trump’s fickle policymaking that dampened global direct investment flows,” Caroline Wong, country risk analyst at BMI, a Fitch affiliate, said in a recent interview with The Korea Times. Beyond tariffs, however, a key challenge for Lee Jae-myung, presidential candidate for the main opposition Democratic Party of Korea (DPK), would be ensuring consistency in his commitments. A case in point is his pledge to foster the artificial intelligence (AI) industry. In a bid to position Korea as one of the top three AI powerhouses globally, Lee pledged to invest 100 trillion won ($72.6 billion) into AI over the next five years. However, this was

May 29, 2025By Lee Kyung-min
Presidential election could lead to deepened division, stalled economic recovery: Fitch affiliate
Economy

Bank of Korea cuts policy rate to 2.5%, slashes 2025 GDP forecast to 0.8%

The Bank of Korea (BOK) cut its key rate from 2.75 percent to 2.5 percent, Thursday, in a widely expected decision to stave off a deeper economic slump. It is the fourth cut since last October, after the central bank began a monetary easing cycle on August 2021, as domestic demand remains sluggish and uncertainties stemming from Washington's tariff provocations weigh on industries. The decision was made unanimously. The central bank also slashed the economic growth forecast for this year to 0.8 percent, down significantly from the previous estimate of 1.5 percent made in February, due mainly to flagging construction investments. In the first quarter, Korea's gross domestic product (GDP) contracted 0.2 percent from the previous quarter. “This year’s growth will come in much lower than expected, stifled by the yearslong construction boom that led to immense unmet supply, particularly in regions outside Seoul,” BOK Gov. Rhee Chang-yong said during a press conference at the bank headquarters in Seoul. He hopes that the ongoing economic downturn will bottom out in the latter half of the

May 29, 2025By Lee Kyung-min
Bank of Korea cuts policy rate to 2.5%, slashes 2025 GDP forecast to 0.8%
Banking & Finance

Hana Financial rolls out housing pensions products for older adults

Hana Financial Group has launched a new housing pension product that allows owners of multiple high-value properties to qualify for enrollment, the lender announced Tuesday. Otherwise known as a reverse mortgage, this financial product allows homeowners to borrow against their home’s equity and receive monthly lifetime payouts. It helps older adults supplement their reduced income after retirement, but it results in a smaller inheritance for their children. The product was developed jointly by Hana Bank and Hana Life. It is available to people aged 55 and older. It is a nonrecourse product, meaning the heirs do not inherit debt even if the subscribers die and their home sells for lower than the loan balance. The lender bears the difference between the original price and the market price. If the home sells for higher than the loan balance, the heirs are able to inherit the difference. Hana said the product will be available at a fixed rate of 3.95 percent for long-term security. The lender said the product will offer many older customers better postretirement planning. “Korea’s second b

May 27, 2025By Lee Kyung-min
Hana Financial rolls out housing pensions products for older adults
Banking & Finance

BOK head underscores private sector cooperation in central bank-led digital currency project

Bank of Korea Gov. Rhee Chang-yong is holding individual and group meetings with the heads of Korea’s six major commercial and state-run lenders. According to market watchers Tuesday, the move is unprecedented for the central bank and signals a push for greater participation in its key digital currency initiatives. Central to the meetings were Project Agora and Project Hangang. The former is a global central bank digital currency (CBDC) project spearheaded by the Bank for International Settlements (BIS). Participants include the central banks of the U.S., U.K., Japan, France, Switzerland and Mexico and the Institute of International Finance (IIF). It explores how cross-border settlements and payments can be faster, cheaper and more stable with the help of tokenized wholesale central bank funds and commercial bank deposits. The latter is a localized pilot version of the project whereby real-time CBDC-mediated transactions are being tested by 10,000 users. Unlike the global cross-border project, the participants are limited to Korean consumers. According to the central bank and the financ

May 27, 2025By Lee Kyung-min
BOK head underscores private sector cooperation in central bank-led digital currency project
Banking & Finance

Financial group heads boost offshore investor relations efforts

Heads of Korea’s leading financial groups are rushing to fortify offshore investor relations (IR) efforts in a move to accelerate portfolio diversification and attract a strong inflow of foreign investments, market watchers said Monday. Propelling the collective move is the rapid saturation of the tightly regulated domestic market amid fierce competition. Also at play is a growing need to demonstrate strong commitment from the top decision maker, reinforced by increasing foreign stakes in financial entities’ shares, reaching up to 70 percent of the total. According to the financial industry, Woori Financial Group Chairman Yim Jong-yong is on a trip to Indonesia and Hong Kong through Friday. He plans to meet with overseas investors and will be briefed on the group’s global businesses. During the Hong Kong meeting, the chair will give presentations to major shareholders as well as global institutional investors. Central to his first solo IR activity is the group’s recent acquisition of Tongyang Life ABL Life, the much-drawn-out merger Woori needed to bolster the nonbanking business. T

May 26, 2025By Lee Kyung-min
Financial group heads boost offshore investor relations efforts
Banking & Finance

SC Korea launches ‘Wealth Saver’ account for faster asset growth

Standard Chartered (SC) Korea has launched a “Wealth Saver” account, a savings account that offers an annual interest rate of up to 2.8 percent, the lender said Monday. Subscribers to the account will receive an interest rate of between 1 percent and 2.8 percent, as determined by the balance of their Korean currency, foreign currency and funds account at the last business day of the month prior. The rate applied will depend on several conditions. The customers should have an increase of at least 10 million won ($7,330) compared to three months earlier. They should also have a combined balance of at least 20 million won in their Korean currency and foreign currency accounts. Of eligible customers, the maximum 2.8 percent interest will be given to those with an account balance of 1 billion won and over. The figure will be 2.6 percent for those with 300 million won and more and 2.4 percent for those with over 100 million won. Holders of under 100 million won in their account will be applied 1 percent. Those with less than 10 million won will be applied an interest rate of 0.1 percent. Howe

May 26, 2025By Lee Kyung-min
SC Korea launches ‘Wealth Saver’ account for faster asset growth
Banking & Finance

Hana Bank enhances AI-powered customer service for greater efficiency

Hana Bank has upgraded its artificial intelligence (AI) customer service platform, significantly enhancing both service speed and system efficiency, the lender said Sunday. This is the first real-time conversation summary and classification service provided by Korea’s banking sector, a feat Hana achieved with the joint efforts of Hana Financial TI, an in-house tech affiliate of Hana Financial Group. The upgraded system automatically summarizes conversations between customers and Hana customer service employees and categorizes the content in real time. This allows Hana employees to respond more quickly and accurately. The upgraded version is also expected to enable more efficient management of rising call volumes and enhance customer satisfaction. It also enables the bank to formulate marketing strategies based on personalized product recommendations and post-consultation service. Hana Bank CEO Lee Ho-seoung demonstrated the service in person at the lender’s customer care center in Seoul, stressing Hana’s commitment to a faster, more precise service. “We will continue innovation effo

May 25, 2025By Lee Kyung-min
Hana Bank enhances AI-powered customer service for greater efficiency
Economy

BOK likely to lower GDP growth forecast significantly to below 1%

The Bank of Korea (BOK) is expected to slash this year’s economic growth outlook for the country to below 1 percent, down significantly from the previous projection of 1.5 percent, hamstrung by anemic domestic demand, political uncertainty and the effects of "reciprocal" U.S. tariffs under the Trump administration, market watchers said Sunday. Many expect the rate-setting monetary policy board of the central bank will cut the key rate by a quarter-percentage point to 2.5 percent during Thursday’s meeting, warranted by bleak trade outlook due to Trump tariff volatilities and years of slowdown in investment and domestic spending. Another consideration is the recent strength of the Korean currency relative to the dollar, after months of weakness that fueled fears of plunging to as low as 1,500 won. Household debt buildup is likely to soar in the second quarter due to temporary regulatory easing in February. However, a stronger tightening soon after will limit further debt growth from the third quarter on, coupled with more stringent debt service ratio (DSR) regulations. BOK Gov. Rhee Ch

May 25, 2025By Lee Kyung-min
BOK likely to lower GDP growth forecast significantly to below 1%
Cryptocurrency

Will Bitcoin rally continue?

Bitcoin has surged to a record high above $110,000 (151 million won), propelled by financial market and macroeconomic uncertainties in the U.S., the dollar's weakness and crypto-friendly legislative moves under the Donald Trump administration, market analysts said Thursday. Some say the digital coins can soar further to $125,000 in the near term and even higher, to $180,000, by the end of this year. The recent spike also led to an inflow of $667 million into global spot Bitcoin exchange-traded funds (ETFs) on Monday, the highest daily figure this month. The optimism is bolstered by the U.S. Senate passing a Stablecoin Act governing stablecoins, including issuance and collateral requirements, as well as anti-money laundering protocols. Also driving the momentum is the U.S. state of Texas moving to legally classify Bitcoin as a strategic reserve asset, and JPMorgan Chase, a global investment bank, beginning to allow clients to purchase Bitcoin. “Investors are likely to remain bullish, ensured by regulatory clarity," said Kim Kab-lae, senior research fellow at Korea Capital Market Institut

May 22, 2025By Lee Kyung-min
Will Bitcoin rally continue?
previous page
7273747576
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.